Wednesday - January 09, 2013

Life Here In Upside Down World

They say you better listen to the voice of reason
But they don’t give you any choice
‘cause they think that it’s treason.
So you had better do as you are told.
You better listen to the radio.

I wanna bite the hand that feeds me.
I wanna bite that hand so badly.
I want to make them wish they’d never seen me.
-Elvis Costello, Radio Radio

As American International Group Inc. weighs whether to join a lawsuit against the government that spent $182 billion to save it from collapse, U.S. lawmakers have a message for the insurance behemoth: “Don’t even think about it.”

In a letter to AIG Chairman Robert Miller, U.S. Reps. Peter Welch, D-Vt., and Michael Capuano, D-Mass., characterized the insurer as the “poster child” for Wall Street greed, fiscal mismanagement and executive bonuses.

“Now, AIG apparently seeks to become the poster company for corporate ingratitude and chutzpah,” the letter read. “Taxpayers are still furious that they rescued a company whose own conduct brought it down. Don’t rub salt in the wounds with yet another reckless decision that is on par with the reckless decision that led to the bailout in the first place.”

In widely reported comments, former inspector general for the financial industry bailout Neil Barofsky said AIG joining the suit would be a “giant middle finger” to the American taxpayer.

AIG said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government’s $182 billion bailout of the insurer.

If AIG decides to join the complaint, which seeks $25 billion in damages, it would pit the company against the government that rescued it in 2008 from collapsing under the weight of huge losses on mortgage-backed securities and other toxic assets.

AIG said that its directors will take up the matter on Wednesday and expects they will have a decision by the end of the month.

Congresswoman Maxine Waters, D-Calif., said it was “simply outrageous” that AIG officials would even consider such a lawsuit.

I admit to being a bit confused here. Ordinarily, my response to such amounts of gall would include copious quantities of large caliber artillery fire, but if whack-a-doodle-do Maxine thinks it’s wrong then I have to step back and give it some thought. The shareholders got screwed royally here, so they are suing. If AIG joins the suit on their side, then it’s a CYA effort that will keep them from being named on the other side of the lawsuit. Better to be the plaintiff than the defendant when death is on the line when billions are involved, so this might be a smart move for them. 

Posted by Drew458     on 01/09/2013 at 10:12 AM   
Filed Under: • Big Business • Economics • Stoopid-People •  
• Comments (3) • Trackbacks(0)  Permalink •  

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Not that very many people ever read this far down, but this blog was the creation of Allan Kelly and his friend Vilmar. Vilmar moved on to his own blog some time ago, and Allan ran this place alone until his sudden and unexpected death partway through 2006. We all miss him. A lot. Even though he is gone this site will always still be more than a little bit his. We who are left to carry on the BMEWS tradition owe him a great debt of gratitude, and we hope to be able to pay that back by following his last advice to us all:

1. Keep a firm grasp of Right and Wrong
2. Stay involved with government on every level and don't let those bastards get away with a thing
3. Use every legal means to defend yourself in the event of real internal trouble, and, most importantly:
4. Keep talking to each other, whether here or elsewhere

It's been a long strange trip without you Skipper, but thanks for pointing us in the right direction and giving us a swift kick in the behind to get us going. Keep lookin' down on us, will ya? Thanks.

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